According to the entity, public opinion on the matter will be key in identifying critical focus areas in researching and developing cryptocurrencies, OSTP said in a journal on January 26. The agency, which is working on the policy on behalf of the Fast Track Action Committee (FTAC), noted that the opinion to be submitted by March 23 should focus on cryptocurrencies in general and related elements such as blockchain, distributed ledgers, decentralized finance (DeFi), smart contracts. Additionally, OSTP indicated that it seeks to find a public opinion on cybersecurity and privacy in relation to cryptocurrencies while noting that the research aims to be comprehensive. Furthermore, the White House acknowledged that the United States is actively exploring the rollout of a central bank digital currency (CBDC).
The ability of the crypto sector
At the same time, the White House noted that the need for research is also necessitated by the sector’s growth which has the potential to aid economic advancement. It is worth noting that the latest request from the White House comes after the institution commissioned Federal agencies to spearhead the research and development of cryptocurrencies. In this line, several agencies have presented their views on developing a crypto stage. Despite the development, the White House has remained skeptical regarding digital assets pointing out they pose a meaningful risk. This comes at a time when the U.S. is moving to advance in establishing crypto regulations. Notably, lawmakers have also taken up the mantle of introducing several proposed crypto regulation bills.
